The U.S. Senate passed legislation recently that would exempt certain businesses from complying with the Red Flags Rule. Sponsored by Senator John Thune (R-SD), the bill (S. 3987) creates an exception to the Red Flags Rule for businesses that do not advance funds to a customer. The bill would, for example, redefine the term “creditor” as currently described under the Red Flags Rule guidelines, to apply only to those businesses who advance funds to, or on behalf of, a customer, and based upon an obligation to repay those advanced funds. The legislation also still provides the Federal Trade Commission with authority to require certain organizations to comply with the Red Flags Rule. The legislation now moves to the U.S. House of Representatives, where the chamber must approve the bill before the end of the year in order for the bill to become law. This may alleviate many businesses in industries such as law practices, healthcare providers (particularly solo practitioners), and perhaps some service providers in telecommunications and utilities. However, it is likely that many businesses in the utilities space will still fall under Red Flags Rule enforcement given their accessing of consumer credit profiles in many of their application processing procedures. Again, one has to wonder what the original intent of the Red Flags Rule was. If it was to protect consumers from identity theft and other fraud schemes via a robust identity theft prevention program, then vastly narrowing the businesses under which potential enforcement applies seems counter-productive. The advancement of funds or not doesn’t necessarily add to or reduce risk of fraud, as much as the actual obtainment of accounts and services with identity information…regardless of industry. More to follow…
Senate approves legislation to narrow scope of the Red Flags Rule
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Three winners were announced at Experian’s inaugural Vision Awards ceremony held on Tuesday, October 7 in front of more than 800 attendees at Experian’s Vision Conference held in Miami, Fla. Figure, PREMIER Bankcard and Members First Credit Union were recognized for their work in artificial intelligence, innovation and financial empowerment. The four-day gathering provided a dynamic forum for exploring the latest innovations shaping the future of data-driven decisioning. “Our Vision Awards celebrate the unique impact financial industry leaders can have when data, technology and purpose align,” said Jeff Softley, CEO, Experian North America. “We are proud to recognize these three organizations with whom we collaborate to drive opportunities and help create change for society as a whole.” The Vision Awards recognize the achievements of organizations that accelerate action. These forward-thinking institutions leverage artificial intelligence, innovation and financial empowerment to drive opportunities and create actionable change for consumers, businesses and society. Recognizing Leaders in AI, Innovation, and Financial Empowerment A panel of interdisciplinary judges reviewed nominations from across industries across the regions, evaluating submissions based on rigor, originality, and impact. The 2025 winners reflect how organizations are leveraging data and technology to advance innovation and inclusion. Excellence in AI: Figure Figure’s submission showcased how it has redefined consumer lending outreach through an AI-driven targeting engine powered by more than 90 machine learning models and 5,000+ behavioral and financial features. By combining Experian’s prescreen data with proprietary insights, Figure delivers highly precise, cost-efficient firm offers of credit — helping it become one of the top three home equity line of credit lenders in the U.S. “This win reflects more than just a successful application of AI. It represents the broader innovative culture deeply embedded in our company’s DNA,” said Ruben Padron, Chief Data Officer at Figure. “Our work with Experian has been instrumental in helping us assess creditworthiness and predict borrower intent with greater precision.” Excellence in Innovation: PREMIER Bankcard PREMIER Bankcard continues to demonstrate how financial inclusion and innovation go hand in hand. From modernizing its technology to reimagining its product suite, PREMIER has made bold strides to serve the underserved and democratize access to credit. “This award affirms our belief that financial inclusion and innovation must go hand in hand,” said Chris Thornton, Senior Vice President of Credit at PREMIER Bankcard. “We’re committed to reaching those who need it most, and Experian has proven to be an exceptional partner in that mission.” With more than 30 million customers served, PREMIER has become a leader in first-time and second-chance credit, while also giving back more than $4 billion to charitable causes through its partnership with First PREMIER Bank and founder Denny Sanford. “We’re here to change lives,” Thornton added. “That’s how we measure success — and that’s ultimately what we’re investing in.” Excellence in Financial Empowerment: Members First Credit Union Members First Credit Union was honored for its commitment to inclusive lending and community development across Michigan. In 2024 alone, the credit union’s programs helped thousands of members access fair and affordable credit, supported 166 community organizations, and contributed nearly $230,000 in donations — backed by 2,000 volunteer hours from its employees. “Our impact demonstrates how mission-driven financial institutions can meaningfully expand access, strengthen communities, and foster long-term financial health,” said Carrie Iafrate, CEO/President at Members First Credit Union. “We’re honored to receive this recognition and inspired to continue helping individuals thrive financially.” Honoring the Judges Behind the Vision The 2025 Vision Awards were evaluated by a distinguished panel of judges representing both Experian and external associations and partners in the financial inclusion community, including: Lisa Cantu-Parks, Vice President of Resource Development, Unidos Jean Carlos Rosario Mercado, Juntos Avanzamos Program Officer, Inclusiv Ian P. Moloney, Senior Vice President, Head of Policy and Regulatory Affairs, American Fintech Council Marc Morial, President and CEO, National Urban League Kevin O’Connor, Senior Vice President, Membership and Sponsorship, Consumer Bankers Association Their expertise ensured that the winners reflect the industry’s highest standards of innovation, integrity, and impact. Ian P. Moloney, Senior Vice President, Head of Policy and Regulatory Affairs, American Fintech Council, and Rhonda Spears Bell, Senior Vice President and Chief Marketing Officer, National Urban League, were at the recognition session at Vision and shared about their organizations and experience serving as a judge. Video messages were also shared from Jean Carlos Rosario Mercado of Inclusiv and Kevin O’Connor of Consumer Bankers Association, who were unable to attend the live event. “I greatly appreciated the opportunity to participate as a judge in the Experian Vision Awards because it provided me a chance to look beyond my usual day-to-day, and understand the myriad of innovations and projects going on to help consumers and the industry,” Moloney said. “The award winners tonight showcase the best of our industry, and I appreciate the opportunity to take part in highlighting their success.” “I’m inspired by the outstanding organizations we’re celebrating tonight - each making a lasting impact in our country and globally,” Spears Bell said. “I want to take a moment to recognize Experian - not only as a valued corporate partner, but as a true ally in our mission to advance financial literacy, stability, and generational wealth.” Looking Ahead: Vision Awards 2026 Experian will continue to champion progress in financial services and across all industries, and the Vision Awards offers one of the avenues through which the industry can recognize organizations driving change through responsible innovation. Submissions for the 2026 Vision Awards open on June 1, 2026. To learn more about this year’s winners and how to apply for next year’s program, visit the Vision Awards page.